Paying in-store with cash is more common than a year ago as recession-hit customers try to keep track of their spending, according to the British Retail Consortium (BRC), which is also calling for action to force down interchange fees.
As far as I can see, from the BRC report itself, the use of Cheques is on the increase both in terms of mix of use (up 50% from 0.06% to 0.09%) and number of transactions (up 77%).
The use of cheques therefore seems to be increasing, albeit the value of cheque payments is decreasing.
The use of credit and charge cards also seems to be increasing (which attraact the highest interchange fees I think) with use of debit cards falling off in % mix terms.
Or did I get my sums wrong?
No, you didn't get your sums wrong.
Yes, cheque usage rose from 0.06% of all transactions in 2010 to 0.09% in 2011. I wouldn't read too much into that though - a 50% rise from such a low base doesn't have to signify much. Just look at the previous years to get an idea of how the numbers bump
around; in 2009 in was 0.13% and in 2008 0.07%. The point is, cheques account for miniscule fraction of high street payments (most big retailers don't even accept them anymore).
Similarly, yes, credit and charge cards saw a slight increase from 10.86% of all transactions in 2010 to 10.98% in 2011. However, the changes for debit cards (nearly 5% down) and cash (3% up) are far greater and show that the broad 'cards down, cash up'
claim has some validity.
Here's a link to the
These figures don't portend too bright a future for mobile walllets, do they?
Excellent salary with uncapped commissionMilton Keynes
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